BRC Inc. BRCC
When used in this report, the terms "we," "us," "our," "BRCC," "Black Rifle Coffee," "Black Rifle Coffee Company," and the "Company" mean BRC Inc. and its consolidated subsidiaries, collectively, unless the context otherwise requires.
Black Rifle Coffee Company is a Veteran-founded and led premium coffee, and energy drink, company operating through one reportable segment composed of three primary channels: Wholesale, DTC, and Outposts. We leverage in-house media and content creation to support brand awareness, customer engagement, and community building. Founded in 2014 by U.S. Army Veteran Evan Hafer, Black Rifle Coffee began with a one-pound coffee roaster in a garage, where Hafer personally roasted, packaged, and shipped coffee directly to consumers. Today, we have grown into a widely recognized and nationally distributed brand steadfast in its commitment to supporting active-duty military, Veterans, first responders, and others who share our values.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $398.3M | $391.5M | $395.6M | $301.3M | $233.1M | $163.9M | $82.1M | — |
| Cost of revenue | $260.3M | $230.3M | $270.2M | $202.1M | $143.4M | $94.5M | $46.4M | — |
| Gross profit | $137.9M | $161.2M | $125.4M | $99.2M | $89.7M | $69.4M | $35.7M | — |
| SG&A | $54.7M | $50.8M | $71.6M | $64.5M | $26.2M | $13.9M | — | — |
| Total operating expenses | $162.5M | $157.3M | $175.7M | $166.9M | $101.3M | $63.6M | $35.8M | — |
| Operating income | -$24.6M | $3.8M | -$50.2M | -$67.8M | -$11.6M | $5.8M | -$116.0K | — |
| Interest expense | $7.5M | $11.3M | $6.3M | $1.6M | $2.0M | $1.0M | $733.0K | — |
| Pre-tax income | -$32.1M | -$7.5M | -$56.5M | -$337.7M | -$13.7M | $4.5M | -$758.0K | — |
| Income tax | $132.0K | $172.0K | $185.0K | $367.0K | $178.0K | $185.0K | $14.0K | — |
| Net income | -$11.9M | -$3.0M | -$16.7M | -$82.9M | -$13.8M | $4.3M | -$772.0K | — |
| EPS, basic | -0.13 | -0.04 | -0.27 | -1.62 | — | — | — | — |
| EPS, diluted | -0.13 | -0.04 | -0.27 | -1.62 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $95.2M | $71.1M | $60.9M | $51.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.3M | $6.8M | $12.4M | $39.0M | $18.3M | $35.2M | — | — |
| Receivables | $35.1M | $33.6M | $25.2M | $22.3M | $7.4M | $3.6M | — | — |
| Inventory | $49.7M | $42.6M | $56.5M | $77.2M | $20.9M | $16.0M | — | — |
| Total current assets | $100.3M | $95.5M | $107.7M | $145.3M | $53.0M | $57.1M | — | — |
| Property, plant and equipment | — | — | — | — | $31.1M | $14.7M | — | — |
| Other intangibles | $300.0K | $359.0K | $418.0K | $225.0K | $167.0K | $191.0K | — | — |
| Total assets | $209.2M | $227.4M | $235.8M | $225.3M | $87.1M | $72.5M | — | — |
| Accounts payable | $34.7M | $38.8M | $33.6M | $12.4M | $17.4M | $11.5M | — | — |
| Short-term debt | $2.4M | $2.0M | $2.3M | $2.1M | $12.0M | $866.0K | — | — |
| Total current liabilities | $76.1M | $75.2M | $84.1M | $62.2M | $59.0M | $33.5M | — | — |
| Long-term debt | $32.3M | $63.0M | $68.7M | $47.0M | $22.7M | $12.2M | — | — |
| Total liabilities | $141.2M | $177.9M | $189.3M | $129.4M | $82.3M | $46.4M | — | — |
| Retained earnings | -$135.3M | -$123.4M | -$120.5M | -$103.7M | -$20.0M | — | — | — |
| Total equity | $45.7M | $13.2M | $46.5M | $95.9M | -$149.5M | -$102.9M | -$1.2M | $1.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$9.8M | $11.3M | -$25.0M | -$116.2M | -$7.7M | $11.5M | $4.1M | — |
| Depreciation and amortisation | — | — | — | $4.3M | $2.8M | $1.4M | $911.0K | — |
| Stock-based compensation | $10.3M | $10.6M | $7.0M | $6.1M | $3.2M | $1.9M | $143.0K | — |
| Capital expenditure | $3.7M | $8.7M | $27.2M | $30.4M | $19.3M | $9.8M | $1.0M | — |
| Investing cash flow | $1.4M | -$7.7M | -$21.5M | -$30.4M | -$19.3M | -$9.8M | -$1.1M | — |
| Financing cash flow | $5.9M | -$10.7M | $21.4M | $167.2M | $9.7M | $28.8M | -$2.2M | — |
| Dividends paid | — | — | $0 | $0 | $7.0M | $0 | — | — |
| Buybacks | — | $0 | $0 | $20.1M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001891101-26-000022.
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